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Global Insurance Market Update

Asia Pricing Q2 2022

Insurance pricing in the second quarter of 2022 in Asia increased 3%, the same as in the prior quarter.
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28/07/2022

Pricing in second quarter mirrors prior quarter

Insurance pricing in the second quarter of 2022 in Asia increased 3%, the same as in the prior quarter.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing rates rose 2%, the fifteenth consecutive quarter of increase.

  • Pricing increases were most acute for clients with poor loss histories.
  • Pricing increases for natural catastrophe exposures continued to be above the average.
  • Mid-market diversification for insurers brought increased competition.

Casualty insurance pricing was flat, following increases of 2% in the prior two quarters.

  • Insureds with good loss histories generally experienced flat pricing, while those with poor loss histories experienced increases.
  • Insurer risk selection in challenged industries contributed to reduced capacity and increased pricing.
  • Insurers frequently restricted capacity on excess layers; challenges are more pronounced for product recall and products liability exposures.

Financial and professional lines pricing increased 13%, the same as in the prior quarter.

  • The average rate of increase for D&O ranged from 10% to 15%.
    • Capacity challenges remained for US listed or exposed insureds and for certain sectors and countries.
  • Pricing for FIs started to moderate; insurers continued to manage capacity and retention levels.
  • The cyber insurance market remained challenging, with increases generally ranging from 25% to 50% due to ransomware, claims, global market conditions, systemic risk concerns, and geopolitical tensions.
  • Insurers continued to demonstrate caution regarding digital asset/cryptocurrency related companies.
  • Professional indemnity pricing increased in the 10% to 15% range for large programs.

Global Insurance Market Index – 2022 Q2

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Global Insurance Market Index

US Pricing

Insurance pricing in the second quarter of 2022 in the US increased 10%, compared to 12% in the prior quarter.
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Global Insurance Market Index

UK Pricing

Insurance pricing in the second quarter of 2022 in the UK increased 11%, compared to 20% in the first quarter.
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Global Insurance Market Index

Latin America and Caribbean Pricing

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 5%, a decline from 6% in the prior quarter.
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Global Insurance Market Index

Continental Europe Pricing

Insurance pricing in the second quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the first quarter.
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Global Insurance Market Index

Pacific Pricing

Insurance pricing in the Pacific region increased 7%, down from 10% in the prior quarter and the sixth consecutive quarterly reduction in rate increases.

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any modelling, analytics, or projections are subject to inherent uncertainty, and any Marsh analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. LCPA 22/326.